When caring for a loved one with special needs, special needs planning is vital. Who will help meet your disabled child's needs when you are no longer there? How will they afford specialized care?

You CAN protect them, but you need to plan NOW.

Planning now for the care of your disabled child can help to protect your child for the remainder of his or her life, can allow him or her to receive ongoing benefits, such as Medicaid or Supplemental Security Income (SSI), and, at the same time, ensure they can meet other needs that governments will not pay. This could include specific medical treatments or therapy or something to make your child's life better when their resources would otherwise not allow them to make these purchases.

A special needs trust is a trust that allows the beneficiary to continue receiving their benefits, such as Medicaid, but have the resources they need to supplement those services. The resources held in a well-drafted special needs trust will not prevent the beneficiary from qualifying for Medicaid or Social Security benefits

In addition to protecting inheritance for your child, a stand-alone trust may help any other person who wants to leave a gift or bequest to your child. That person can also direct their funds into the special needs trust you have established.

This issue can be complicated, and proper planning is essential. Start this process now to protect your assets and your loved ones.